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Fair Value Measurements (Tables) | 3 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Financial Instruments | In accordance with the fair value hierarchy, described above, the following tables show the fair value of the Company’s financial instruments that are required to be measured at fair value as of December 31, 2020 and September 30, 2020.
| Fair Value Measurements as of December 31, 2020
| (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
| (in millions)
Other Current Liabilities: |  |  |  |  |  |  |
Foreign Currency Forward Exchange Contracts (a) |  |  | (4) |  |  |  |  | (4) |
Contractual Obligations (b) | — |  |  | — |  |  | (2) |  |  | (2) |
Other Noncurrent Assets: |  |  |  |  |  |  |
Equity Method Investment (c) | — |  |  | 61 |  |  | — |  |  | 61 |
Other Noncurrent Liabilities: |  |  |  |  |  |  |
Contractual Obligations (b) | — |  |  | — |  |  | (5) |  |  | (5) |
Interest Rate Swaps (d) | — |  |  | (34) |  |  | — |  |  | (34) |
Total | $ | — |  |  | $ | 23 |  |  | $ | (7) |  |  | $ | 16 |
| Fair Value Measurements as of September 30, 2020
| (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
| (in millions)
Other Current Liabilities: |  |  |  |  |  |  |
Contractual Obligations (b) | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | (2) |
Other Noncurrent Assets: |  |  |  |  |  |  |
Equity Method Investment (c) | — |  |  | 47 |  |  | — |  |  | 47 |
Other Noncurrent Liabilities: |  |  |  |  |  |  |
Contractual Obligations (b) | — |  |  | — |  |  | (4) |  |  | (4) |
Interest Rate Swaps (d) | — |  |  | (38) |  |  | — |  |  | (38) |
Total | $ | — |  |  | $ | 9 |  |  | $ | (6) |  |  | $ | 3 |
______________________________________ (a)The fair value of foreign currency forward exchange contracts is based on dealer quotes of market forward rates and reflects the amount that the Company would receive or pay at their maturity dates for contracts involving the same currencies and maturity dates. (b)This represents contingent consideration related to an acquisition. This is based on a probability weighted performance approach and it is adjusted to fair value on a recurring basis and any adjustments are included as a component of operating income in the consolidated statements of operations. This amount was mainly calculated using unobservable inputs such as future earnings performance of the acquiree and the expected timing of the payment. (c)The fair value of equity method investment represents an equity method investment acquired in fiscal 2019 whereby the Company has elected the fair value option under ASC 825, Financial Instruments (“ASC 825”). The valuation is based upon quoted prices in active markets and model-based valuation techniques to determine fair value. (d)The fair value of the interest rate swaps is based on dealer quotes of market forward rates and reflects the amount that the Company would receive or pay as of December 31, 2020 for contracts involving the same attributes and maturity dates.
Reconciliation of Net Liabilities Classified as Level 3 | The following table reconciles the beginning and ending balances of net liabilities classified as Level 3:
| Total
| (in millions)
Balance at September 30, 2020 | $ | (6) |
Additions | (1) |
Reductions | — |
Payments | — |
Balance at December 31, 2020 | $ | (7) |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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